StoneRiver Company, a real estate firm based in Birmingham, Alabama, recently announced that it sold Rise at Signal Mountain Apartments, a 280-unit apartment complex in Chattanooga, Tennessee. CBRE represented StoneRiver in the transaction.
Moreover, StoneRiver purchased the property in January 2020 and went on to renovate 216 units. These renovations included granite countertops, vinyl wood flooring, and modern lighting and fixtures. These additions greatly improved the aesthetics of the units. Additionally, the company upgraded the community’s indoor and outdoor amenities. They added a pet spa and private pet yards. StoneRiver also invested in the resurfacing, repainting, and replacement of windows throughout the property’s building exteriors.
It’s important to note that StoneRiver Property Management (SRPM), the company’s in-house property management division, played a crucial role in these improvements. The team managed lease expirations and move-ins to ensure an efficient and timely renovation process.
According to Joseph Welden, President of StoneRiver Company, “Rise at Signal Mountain’s success results from careful planning and diligent execution by the StoneRiver and StoneRiver Property Management teams. It is a prime example of StoneRiver’s ability to deliver returns to our investors through a well-executed value-added business plan.”
StoneRiver is now seeking similar value-add opportunities in the Southeast through the recently closed StoneRiver Investment Fund II, a multifamily real estate investment fund.
About StoneRiver Company
StoneRiver Company is a vertically integrated investment firm that acquires, develops, and manages multifamily real estate in the Southeast. Its in-house property management division manages its entire portfolio. It drives value through a hands-on approach to operating communities from an owner’s perspective. Founded in 1995, StoneRiver has acquired, developed, or invested in apartment communities across ten states in the Southeast.
